2022-10-26 19:00 |
Litecoin (LTC) price continued to gain bullish momentum for over five days as whale accumulation and other on-chain metrics flashed buy signals.
Litecoin appreciated by over 12% in the last five days as bulls took control of the price action. The larger crypto market gains further aided LTC’s uptrend as the global crypto market cap finally tested the $1 trillion mark.
Litecoin Whales Aid Price GainsFor over five months, Litecoin’s price has moved in a range-bound trajectory below the $63 resistance mark. However, LTC price marked stunning gains at press time, presenting 6.54% gains on a daily basis.
The uptrend followed a price uptick above the 21-day simple moving average alongside daily RSI skyrocketing.
Litecoin price traded at $56 at the time of writing, charting a monthly price high on a one-day chart.
LTC/USDT one-day chart | Source: Trading ViewThe bullish momentum was successful in eliminating bears as Coinglass’ Total Liquidations showed nearly $1.4 million shorts liquidated on Oct.25. Another $161,000 worth of shorts were liquidated on Oct. 26 by press time.
LTC Shorts Liquidated | Source: CoinglassAnother bullish trend for LTC price was the rise in addresses with one million to 10 million coins. This cohort was liquidated over the last six months, but seems to be accumulating once more.
Litecoin whales | Source: Santiment LTC Price Flashing Buy SignalPuell Multiple for Litecoin showed that miner profitability was at the lowest level. Mining profitability is key in shaping market cycles and also helps establish macro price tops and bottoms.
Litecoin Puell Multiple | Source: GlassnodeThe Puell Multiple suggests that Litecoin is in the historic buy zone. Historically, significant macro bottoms have been established at Puell Multiples less than 0.5, indicating miner profitability is 50% below the yearly average.
Finally, In/Out of Money Indicator presented a strong support level at the $52 mark, where 435,000 addresses hold 7.79 million LTC.
Source: IntoTheBlockNonetheless, going forward, Litecoin bulls will have to face the $61 resistance. If LTC price fails to establish above $61, a retest of the lower $52 support can be expected.
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